McWatters Nomination Heads to Senate

NCUA Board hopeful Mark McWatters was included on a list of 10 nominees President Barack Obama sent to the Senate Tuesday for confirmation consideration. McWatters, a Republican from Texas, would replace Republican Michael Fryzel on the board. Fryzel’s appointment expired in August 2013.

The list was light on nominees who would face the Senate Banking Committee for a confirmation hearing; only Sharon Bowen, nominated to be a commissioner of the Commodity Futures Trading Commission, would potentially join McWatters on the panel.

Tuesday's list also included Sen. Max Baucus (D-Mont.), nominated to serve as ambassador to China. Credit union leaders said last month that should Baucus be confirmed for the position, it could slow tax reform, as the Senate Finance Committee Chairman has fostered a strong working relationship with his counterparts on the House Ways and Means Committee.

McWatters was legal counsel for Rep. Jeb Hensarling (R-Texas) in 2009 and served on the TARP Congressional Oversight Panel from December 2009 to April 2011.

As a member of the TARP panel, he wrote in support of easing regulatory burdens on financial institutions. He also opposed the creation of the Small Business Lending Fund, which has since been criticized because banks failed to use the money for business loans.

McWatters is currently dean for graduate programs at Southern Methodist University's School of Law in Dallas. If confirmed by the Senate, he would join Chairman Debbie Matz and Board Member Richard Metsger on the NCUA Board.